Influencers say it's free financial advice—ASIC says it could cost you everything…and here’s why
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With the rise of online trends, it’s becoming harder to tell fact from fiction—especially when it comes to your finances.
A growing number of Australians are being drawn to eye-catching financial advice shared by popular internet personalities.
But what regulators uncovered behind the scenes has sparked fresh warnings about who you can really trust with your money.
With slick videos, luxury cars and promises of overnight wealth, a new wave of online personalities had been capturing the attention—and wallets—of thousands of Australians.
But beneath the filters and fast-talking confidence, financial authorities uncovered a concerning trend, prompting a crackdown that spanned not just Australia but several countries.
And now, with tax time approaching, the risks may be even greater for everyday Aussies.
The Australian Securities and Investments Commission (ASIC) issued warnings to 18 financial content creators, known as ‘finfluencers’, after discovering they had been promoting potentially harmful financial advice.
These influencers had built up massive audiences online by offering guidance on how to build wealth—yet many had no qualifications to back it up.
ASIC Commissioner Alan Kirkland didn’t mince words: ‘It’s important that consumers separate fun from fact when it comes to finfluencer content. Popularity doesn’t equal credibility.’
Some of these influencers encouraged their followers to join private online communities, where ASIC feared the most concerning advice was being shared—well out of the public eye. These spaces often made it difficult for authorities to monitor what was being discussed, adding a dangerous layer of secrecy.
Many of the individuals being watched claimed to be stock market trading experts. According to ASIC, they were dishing out unauthorised advice on ‘high-risk, complex investment products’ that could lead to ‘real consumer harm’.
‘Check their credentials and whether they’re licensed or authorised, before checking your money out,’ Kirkland advised.
A global push to shut down risky advice
This round of warnings marked Australia’s biggest action against dodgy finfluencers since 2022. That year, ASIC introduced strict guidelines outlining what online personalities could and couldn’t say about financial matters without breaking the law.
In the months that followed, the landscape began to shift. Some influencers changed their approach. Others obtained licences or became authorised representatives to comply with the regulations.
‘We saw that many finfluencers changed what they were saying or became licensed or authorised representatives to comply with the law,’ Kirkland said.
He also noted that legitimate Australian Financial Services licensees had started reaching out to finfluencers to encourage better due diligence.
ASIC’s operation was part of a larger global effort targeting misleading financial content. Regulators from the UK, UAE, Italy, Hong Kong and Canada took coordinated action, which included arrests, warning notices, website takedowns, and public awareness campaigns to clamp down on unlicensed advice.
Tax time tips—or dangerous traps?
Back home, concerns about misleading financial content weren’t limited to investment tips.
CPA Australia recently raised the alarm over inaccurate tax advice being spread in the lead-up to the end of the financial year. One case involved a finfluencer claiming you could claim your pet as a tax deduction—by saying it was a guard dog while working from home.
Jenny Wong from CPA Australia called out the misleading claims: ‘In many cases, the advice from these accounts is simply wrong. In other cases, the claims have an ounce of truth but would apply only to a very small group of workers.’
‘Some finfluencers exaggerate the potential for certain claims to garner attention and likes. This is not serious advice. It should be ignored.’
Wong urged Australians not to be fooled by slick content online, no matter how many followers the creator had.
‘Having a large following on [social media] doesn’t automatically make someone an expert on a particular subject, especially one as complex as the Australian tax system,’ she said.
As millions prepare to lodge their tax returns after 1 July, financial experts have echoed a clear message: speak to someone licensed before making decisions with your money.
If you’ve ever wondered how financial advice got so complicated—or risky—these days, you’re not alone.
With so many voices online, it’s no surprise Aussies are questioning who to trust with their money.
To see what’s really going on behind the scenes, this explainer is well worth a watch.
Source: Youtube/Morningstar Australia
With financial advice now just a scroll away, do you think it's getting harder to tell who's actually qualified to help? Let us know your thoughts in the comments.
In a previous story, we looked at how scammers were misleading Australians about their super—using slick tactics to gain trust and access personal funds.
Just like the finfluencers offering risky investment tips, these scams often rely on flashy promises and false authority to lure people in.
If you're concerned about protecting your retirement savings, that one’s worth a read too.
Read more: Tax office exposes scams that mislead super members
A growing number of Australians are being drawn to eye-catching financial advice shared by popular internet personalities.
But what regulators uncovered behind the scenes has sparked fresh warnings about who you can really trust with your money.
With slick videos, luxury cars and promises of overnight wealth, a new wave of online personalities had been capturing the attention—and wallets—of thousands of Australians.
But beneath the filters and fast-talking confidence, financial authorities uncovered a concerning trend, prompting a crackdown that spanned not just Australia but several countries.
And now, with tax time approaching, the risks may be even greater for everyday Aussies.
The Australian Securities and Investments Commission (ASIC) issued warnings to 18 financial content creators, known as ‘finfluencers’, after discovering they had been promoting potentially harmful financial advice.
These influencers had built up massive audiences online by offering guidance on how to build wealth—yet many had no qualifications to back it up.
ASIC Commissioner Alan Kirkland didn’t mince words: ‘It’s important that consumers separate fun from fact when it comes to finfluencer content. Popularity doesn’t equal credibility.’
Some of these influencers encouraged their followers to join private online communities, where ASIC feared the most concerning advice was being shared—well out of the public eye. These spaces often made it difficult for authorities to monitor what was being discussed, adding a dangerous layer of secrecy.
Many of the individuals being watched claimed to be stock market trading experts. According to ASIC, they were dishing out unauthorised advice on ‘high-risk, complex investment products’ that could lead to ‘real consumer harm’.
‘Check their credentials and whether they’re licensed or authorised, before checking your money out,’ Kirkland advised.
A global push to shut down risky advice
This round of warnings marked Australia’s biggest action against dodgy finfluencers since 2022. That year, ASIC introduced strict guidelines outlining what online personalities could and couldn’t say about financial matters without breaking the law.
In the months that followed, the landscape began to shift. Some influencers changed their approach. Others obtained licences or became authorised representatives to comply with the regulations.
‘We saw that many finfluencers changed what they were saying or became licensed or authorised representatives to comply with the law,’ Kirkland said.
He also noted that legitimate Australian Financial Services licensees had started reaching out to finfluencers to encourage better due diligence.
ASIC’s operation was part of a larger global effort targeting misleading financial content. Regulators from the UK, UAE, Italy, Hong Kong and Canada took coordinated action, which included arrests, warning notices, website takedowns, and public awareness campaigns to clamp down on unlicensed advice.
Tax time tips—or dangerous traps?
Back home, concerns about misleading financial content weren’t limited to investment tips.
CPA Australia recently raised the alarm over inaccurate tax advice being spread in the lead-up to the end of the financial year. One case involved a finfluencer claiming you could claim your pet as a tax deduction—by saying it was a guard dog while working from home.
Jenny Wong from CPA Australia called out the misleading claims: ‘In many cases, the advice from these accounts is simply wrong. In other cases, the claims have an ounce of truth but would apply only to a very small group of workers.’
‘Some finfluencers exaggerate the potential for certain claims to garner attention and likes. This is not serious advice. It should be ignored.’
Wong urged Australians not to be fooled by slick content online, no matter how many followers the creator had.
‘Having a large following on [social media] doesn’t automatically make someone an expert on a particular subject, especially one as complex as the Australian tax system,’ she said.
As millions prepare to lodge their tax returns after 1 July, financial experts have echoed a clear message: speak to someone licensed before making decisions with your money.
If you’ve ever wondered how financial advice got so complicated—or risky—these days, you’re not alone.
With so many voices online, it’s no surprise Aussies are questioning who to trust with their money.
To see what’s really going on behind the scenes, this explainer is well worth a watch.
Source: Youtube/Morningstar Australia
With financial advice now just a scroll away, do you think it's getting harder to tell who's actually qualified to help? Let us know your thoughts in the comments.
In a previous story, we looked at how scammers were misleading Australians about their super—using slick tactics to gain trust and access personal funds.
Just like the finfluencers offering risky investment tips, these scams often rely on flashy promises and false authority to lure people in.
If you're concerned about protecting your retirement savings, that one’s worth a read too.
Read more: Tax office exposes scams that mislead super members
